By Thomas C. Frohlich and Mark Lieberman
Approximately 8.7 million U.S. jobs were lost during the Great Recession between 2007 and 2009. While all those jobs have been recovered, the nation’s unemployment rate remains above the level at the onset of the Recession and the recovery has not been consistent across the nation.
24/7 Wall St. examined the 25 lowest and 25 highest unemployment rates from the Bureau of Labor Statistics. Lincoln, Nebraska led the nation with an unemployment rate of just 2.1% in November, while the Yuma, Arizona metro area had the nation’s highest unemployment rate at 23.1%.
The Great Recession was accompanied by a steep decline in housing prices across the country. According to Martin Kohli, chief regional economist at the BLS, the best job markets weathered the housing crisis relatively well, while the areas with the highest unemployment rates were among the hardest hit when the bubble burst.
In the metro areas with the lowest unemployment rates, housing prices fared better than the national average. On the other hand, median home prices in all of the worst job markets declined at a greater rate. In 10 of the 25 worst job markets, median home prices have fallen by at least 50% from their peak.
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